The APEC Business Advisory Council (ABAC) calls for decisive action to boost trade, digitalisation and climate response.
In her remarks, ABAC Chair Julia Torreblanca said that tackling trade and investment barriers, promoting digitalisation, and accelerating the climate response is urgent.
She also announced that ABAC has finalised its recommendations for APEC Leaders addressing these challenges, under the theme ‘People, Business, and Prosperity’ to be formally presented during the APEC Leaders’ Summit taking place in November in Lima, Peru.in
ABAC also prepared detailed recommendations for Ministers of Finance, Health, Energy, Food Security, and Small and Medium Enterprises.
“Achieving our goals requires a seamless commercial environment built on strong foundations. APEC needs to make the Free Trade Area of the Asia-Pacific a reality, and ensure that the World Trade Organization (WTO) remains relevant and effective”, said Torreblanca.
She added: “All APEC economies should join the new WTO E-commerce Agreement, which prevents the use of tariffs on digital trade and lays a critical foundation.” She also highlighted the need for a renewed APEC Investment Facilitation Agenda and enhanced supply chain cooperation.
“Another key focus of ABAC is on boosting interoperable digitalization in our region and enabling small businesses to access digital tools like interoperable paperless trade and Artificial Intelligence. All this is within an AI framework that maximises benefits while mitigating the risks, particularly for workers. We have also identified concrete actions to enable MSMEs, especially those led by women and Indigenous entrepreneurs, as well as those in the informal economy, to succeed.” noted the Chair.
On the climate crisis, Torreblanca called for urgent collective action to ensure sustainable and resilient growth. “The world now experienced over 12 consecutive months of temperatures exceeding 1.5 degrees above pre-industrial levels. Public-private sector collaboration will be essential to unlock and scale up financing for the energy transition, innovation, and disaster resiliency. We are also advocating for a new Greener Trade Framework to support emissions reduction throughout supply chains and the transition to a low-carbon economy,” she emphasised.
Chief Executive Officer of Standard Chartered Brunei Pengiran Aki Ismasufian Ibrahim said that the ABAC III meetings had been concluded recently in Tokyo, Japan where he was privileged to have attended and had been involved in meaningful dialogues on decisive actions to boost trade, digitalisation, and climate response.
“Our collective effort, commitment and expertise have culminated in the crystallization of a set of recommendations and action points, which all ABAC members have reached consensus on, that are poised to drive positive change and progress towards our future trajectory,” he said.
He further said that as we navigate a rapidly evolving global landscape, we must embrace agility and proactivity to seize emerging opportunities and tackle new challenges head-on.
“It is paramount that we unite our efforts to ensure we drive in the right direction. The strength of our economy relies heavily on the solidarity within our business community. By working together, sharing knowledge, and forming strategic partnerships, we can elevate our economic landscape,” said Pengiran Aki.
On his part, Managing Director of Exceltech Solutions Hafriz Fayadh said that their discussions highlighted the critical role of digital trade and sustainability in shaping the future of global commerce.
“Embracing innovative digital solutions will not only enhance trade efficiency but also support our efforts to build a more sustainable and resilient economy. Together, we must ensure that our trade policies reflect the urgency of these issues, fostering inclusive growth for all members of the Asia-Pacific community,” he said.
ABAC delegates had the opportunity to engage in different events with the local business community and with senior government officials, including His Excellency Prime Minister Kishida, MOFA Minister Yoko Kamikawa, METI Minister Saito Ken, Digital Transformation Minister Taro Kono, and Mayor of Tokyo Yuriko Koike. Torreblanca expressed gratitude to the government for their continued support of the APEC process and ABAC Japan for their excellent hosting of the meeting.
THE BRUNEIAN | BANDAR SERI BEGAWAN
